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Financial and Fiscal PoliciesCrises and New Realities$
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Y. V. Reddy, Narayan Valluri, and Partha Ray

Print publication date: 2014

Print ISBN-13: 9780199452651

Published to Oxford Scholarship Online: November 2014

DOI: 10.1093/acprof:oso/9780199452651.001.0001

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Euro Area Economies

Euro Area Economies

(p.106) Chapter 6 Euro Area Economies
Financial and Fiscal Policies

Y.V. Reddy

Narayan Valluri

Partha Ray

Oxford University Press

The euro area crisis manifested itself not so much as a financial crisis but as a sovereign debt crisis in some countries. The crisis brought to the fore several issues relating to the currency union. What distinguishes the euro area crisis from other crises is that the resolution of the crisis called for significant institutional changes including banking and fiscal union among sovereign entities within the euro area. The chapter is focused on the five euro area countries that were severely hit by the crisis viz., Greece, Ireland, Italy, Portugal, and Spain. Iceland (though not a member of EU) is also discussed in this context. It is found that while both Greece and Italy have been affected by fiscal problems, in case of Ireland or Spain mortgage market turned out to be the main issue. Finally, the chapter discusses the possible channels of contagion of the euro area crisis.

Keywords:   euro area, sovereign debt crisis, Greece, Ireland, Italy, Portugal, Spain, Iceland, Cyprus, currency union

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